5 Emerging Global Payroll Trends
With the ever-advancing technology that comes with business solutions and systems, the payroll software dominates the software as a Service (SaaS) market with advanced automation features and multiple payment methods.
Countless businesses of all kinds and sizes have adopted payroll software to manage their accounting and payroll tasks and left behind the burden of hiring a team of payroll experts to manage their finances manually.
Payroll software offers businesses countless great features that simplify their processes and streamlines employee payments, tax filing, and benefits plans. One of the most dominant payroll automation features is setting your payroll software to automatically calculate employees' working hours and have it run itself on schedule to distribute employee salaries.
There are many features to go around when discussing payroll software, so we will present you with the five emerging global payroll trends that have become a necessity to every successful business and satisfied employee.
1. Cloud-based Unified Platform
Cloud-based payroll software can do so much for global organizations and enterprises than what meets the eye. Nowadays, most software has become cloud-based, meaning all its data is securely stored and regularly updated on cloud storage. This removes the need for on-premise servers, which are liable for corruption and data loss.
Cloud-based payroll software allows business and organizations to access their data from any compatible device with an internet connection and software. It can also hold an unlimited number of employee records and perform its payroll runs no matter the employees' location. This eases paying remote workers and free-lancers around the world.
Businesses or enterprises with different locations can easily pay their remote workers and adjust their payment methods and currencies according to the country with guaranteed compliance and a single data source. So all employee data and paystubs are recorded and organized safely and can be accessed at any time.
2. Mobile Payroll
Payroll software is now no longer restricted to the office and desktops. With the rising use of smartphones and mobile applications, payroll software is adapting to the public's new standards and habits by offering a mobile payroll application that supports their desktop versions.
Mobile payroll applications succeeded because of the cloud-based systems that we discussed earlier, which allows anyone with the payroll application to access their businesses' data or employee records and perform their payroll processes.
Employees also gain an advantage with mobile payroll applications, as it can provide them with a self-service portal where they can access their paystubs, tax files, and forms and even clock in and out to record their working hours.
3. Tax-Filing and Compliance
As we mentioned earlier, payroll software is advanced to perform much more than just performing payroll runs to a bulk of employees or having their payroll runs automated. It can also help your business and employees file their tax forms, calculate their deductibles and garnishments, and provide access to open enrollment benefits plans.
Moreover, with ever-changing laws and regulations, your business needs to be updated at all times. If compliance is not constantly maintained, your business could face costly fines and harsh financial repercussions.
Payroll software will now ensure your business stays compliant and will update you on any new laws or regulations. Some payroll software even takes an extra mile and promise to reimburse you in full if you get fined for violating any regulation or compliance while using its software.
4. AI and Machine Learning
Artificial Intelligence plays a huge role in payroll software and many other business systems that offer workflow automation, automatic calculations, face recognition, fingerprint access, chatbots, and so much more.
For example, payroll software allows employees to check in and record their working hours only when they are on-site and automatically calculates their pay rates accordingly. Checking in and out is no longer limited to cards, as facial recognition and biometrics, such as eye scanners or fingerprints, are now widely available to integrate and use, thanks to the power of machine learning and AI.
These powerful features are only the tip of the iceberg of what AI and machine learning have offered payroll. They have provided businesses with undeniably accurate data, clearer process visibility, and zero chances of any human error.
5. Seamless Integrations
One of all business systems' aims is to provide a unified platform for businesses to manage all their operations; therefore, they are designed to integrate with countless other applications and systems so their use does not disturb a business's ecosystem.
Payroll software is no different. Most, if not all, payroll software also pack several HR, employee management, accounting, and time tracking software with the same package. They also allow their users to further extend their platform's functionality by integrating their favorite business applications, in addition to Google Applications and Microsoft Office 365.
Now that we have presented you with the five hottest emerging global payroll trends, we can recommend you some of the best payroll software on the market that can offer you all that and so much more.
Paychex is an all-in-one payroll software that offers the most comprehensive features and functionalities. Paychex is trusted by over 700,000 businesses nationwide and has received several recognition awards for the best payroll software over the years.
Paychex also offers its unique time tracking software Time Flex, which provides you with a variety of administrative, scheduling, overtime, reporting, and communication services and solutions.
Paychex payroll's key features include:
- Employee benefits
- Time & Attendance software
- Mobile application
- Compliance poster kit
- Automated payroll runs
- Automatic tax calculation and filing
As for its subscription plans, Paychex offers you the following:
Paychex Flex Essentials - $39/month, + $5 per employee
Paychex Flex Select – Quote-based
Paychex Flex Pro – Quote-based
For the quote-based plans, you will need to contact Paychex's team to get your business a unique price and package that suits your business's needs and requirements.
2. Intuit QuickBooks
QuickBooks is known as one of the best and top-rated accounting software on the market. It also provides its own payroll software with HR solutions and benefits administration in its inclusive package.
QuickBooks payroll offers feature-rich solutions, which include:
- Mobile payroll application
- Automated payroll runs
- Automated federal and state tax filing and payment
- Time tracking software
- Project management tools
- HR solutions
- Compliancy alerts and law updates
QuickBooks offers three subscription plans for its payroll software, in addition to a 30-day free trial for you to try out its software and services before committing to a paid subscription.
Payroll Core + QuickBooks Simple Start - $70/month + $4/month/employee
Payroll Core + QuickBooks Essentials - $95/month + $4/month/employee
Payroll Premium + QuickBooks Plus - $155/month + $8/month/employee
3. Toast Payroll
Our last recommendation for one of the best payroll software goes for Toast. Toast is a point-of-sale system giant which provides businesses with the most comprehensive features and solutions.
Toast offers its payroll and team management software as extra add-ons to its point of sale system, which you can read all about here. Toast's payroll software can automatically calculate your employees' payrolls and perform payroll runs. It will also keep your restaurant-type business compliant with state and federal labor laws, minimum wage requirements, and all compliance regulations.
Toast payroll comes packed with the following Toast POS plans:
Essentials Plan - $165 per month
Custom Plan - Quote-based
New Restaurant Basics - $110 /month + $4 per employee/month
4. Papaya Global
Papaya Global is a worldwide payroll platform that, naturally, supports global payroll processing! This, in and of itself, is very crucial in the market today.
Thanks to Papaya Global's cloud-based SaaS platform, hiring workers in more than 160 different countries is incredibly simple. Clients will also have access to an international workforce through the Papaya Global system! The main perks of Papaya Global include:
Global benefits, equity, and immigration.
An employee hired through an EOR can move to regular payroll with Papaya in as little as one pay week.
All clients have access to and control over the costs of the global workforce.
- Last but not least, Papaya's clients can take advantage of its great security and privacy features and easy access to in-house legal counsel and global payroll specialists.
Papaya distinguishes itself from the competition by having a rapid "go live" duration of only 2-3 months, as opposed to other integrations that might take up to 12 months to go live. Papaya also offers a lot of benefits, like comprehensive services, all three forms of international employment possibilities, payroll services, compliance, a global platform, and more. The following functionalities are also provided to customers:
- Cross-border payments
- Employee portal
- Devoted account manager
- Center of Excellence and Legal Team
- Company hub
- Knowledge base
Following is a list of the fees:
- $20 will be on payroll if the company is active in the country in question.
- There will be an EOR fee of $650 if the corporation doesn't.
- $25 for every contractor
Papaya Global is clearly a trustworthy, client-centered company. Despite the fact that we wholeheartedly endorse it, businesses should also consider alternative possibilities in order to make the best decision possible.
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To summarize, these are the best Payroll Services in 2023…
- A+ rated and accredited by the BBB
- Financial Wellness Program
- Screening and onboarding tools
- 30-day free trial
- HR & employee benefits
- Tax penalty protection
- Well-rounded services
- Payroll and compliance
- All 3 types of global employment options are supported
- Automatic tax calculation and filing
- Benefits administration
- Employee timesheets and scheduling
- Financial and Health benefits
- Flexible plans
- Supports a wide range of integrations